Resona Asset Management Co. Ltd. Acquires Shares of 1,559 Kadant Inc. (NYSE:KAI)

Resona Asset Management Co. Ltd. acquired a new stake in Kadant Inc. (NYSE:KAI - Free Report) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,559 shares of the industrial products company's stock, valued at approximately $542,000.

A number of other hedge funds also recently bought and sold shares of KAI. Zhang Financial LLC lifted its holdings in Kadant by 0.8% during the 4th quarter. Zhang Financial LLC now owns 5,256 shares of the industrial products company's stock worth $1,813,000 after buying an additional 40 shares during the last quarter. Franklin Resources Inc. lifted its position in Kadant by 1.0% during the 3rd quarter. Franklin Resources Inc. now owns 4,510 shares of the industrial products company's stock worth $1,483,000 after acquiring an additional 44 shares during the period. Sheets Smith Wealth Management grew its position in Kadant by 3.2% in the 4th quarter. Sheets Smith Wealth Management now owns 2,239 shares of the industrial products company's stock valued at $772,000 after buying an additional 69 shares during the last quarter. Robertson Stephens Wealth Management LLC boosted its holdings in shares of Kadant by 9.9% in the fourth quarter. Robertson Stephens Wealth Management LLC now owns 764 shares of the industrial products company's stock valued at $264,000 after acquiring an additional 69 shares in the last quarter. Finally, Hilltop National Bank acquired a new position in Kadant during the 4th quarter worth approximately $26,000. Institutional investors and hedge funds own 96.13% of the company's stock.

Kadant Price Performance

KAI traded down $7.18 during midday trading on Wednesday, reaching $311.88. 14,118 shares of the company's stock were exchanged, compared to its average volume of 165,529. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.29 and a quick ratio of 1.46. Kadant Inc. has a 1-year low of $249.51 and a 1-year high of $429.95. The stock has a market capitalization of $3.67 billion, a PE ratio of 32.90 and a beta of 1.24. The business's 50-day moving average price is $351.14 and its 200 day moving average price is $358.83.

Kadant (NYSE:KAI - Get Free Report) last released its earnings results on Wednesday, February 12th. The industrial products company reported $2.25 EPS for the quarter, beating the consensus estimate of $2.08 by $0.17. Kadant had a return on equity of 14.66% and a net margin of 10.59%. As a group, equities analysts anticipate that Kadant Inc. will post 9.97 EPS for the current fiscal year.

Kadant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 7th. Investors of record on Wednesday, April 9th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date of this dividend is Wednesday, April 9th. This is an increase from Kadant's previous quarterly dividend of $0.32. Kadant's dividend payout ratio is 14.35%.

Wall Street Analysts Forecast Growth

Separately, Barrington Research reaffirmed an "outperform" rating and set a $410.00 price target on shares of Kadant in a research note on Friday, February 14th.

Kadant Company Profile

Kadant Inc supplies technologies and engineered systems worldwide. It operates in three segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment develops, manufactures, and markets fluid-handling systems and equipment, such as rotary joints, syphons, turbulator bars, expansion joints, and engineered steam and condensate systems; and doctoring, cleaning, and filtration systems and related consumables consisting of doctor systems and holders, doctor blades, cleaning shower and fabric-conditioning systems, forming systems and wear surfaces, and water-filtration systems.